The two excerpts posted on the site were dramatically similar, though Zakaria does change a phrasing here and there.

By this afternoon, Zakaria had apologized for the passages in a statement to Atlantic Wire. He admitted that media critics were right to be concerned and said he had extended an apology to The New Yorker's Jill Lepore.

"I made a terrible mistake," he said. "It is a serious lapse and one that is entirely my fault. I apologize unreservedly to her, to my editors at Time, and to my readers."

The Atlantic Wire also reports that following his apology, Time decided to suspend his column for a month, "pending further review."

Update at 5:45 p.m. ET. CNN Suspends Zakaria:

Politico reports that CNN has joined the fray, saying they have suspended Zakaria. Your Money with Ali Velshi will take over his spot.